REG - Ironveld PLC - Operational Update

IronveldAnnouncement

29/04/2026 07:15

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RNS Number : 3815C  Ironveld PLC  29 April 2026

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29 April 2026

Ironveld PLC

("Ironveld" or the "Company")

Operational Update and Commencement of Layer 21 Mineralogical Study

Ironveld (AIM: IRON), the mining development company focused on producing
high-value strategic metals, is pleased to provide an update on the
reconfiguration of the Lapon Plant and announce a new mineralogical study on
Layer 21 at its flagship asset in South Africa.

Lapon Plant Reconfiguration Progress

Following a detailed metallurgical audit to address product variability, the
Company has implemented key technical improvements as part of a
reconfiguration of the Lapon Plant, which is operated and managed by Daemaneng
Minerals ("Daemaneng") on behalf of the Company. The main steps completed or
in progress include:

·      Upgraded water supply and storage systems to ensure continuous
plant operations.

·      Relocated and optimised the sizing cyclone to maximise separation
efficiency.

·    Installed a new axial-aligned magnetic separator, expected to
consistently deliver DMS-grade magnetite product above 90% magnetic purity.

·   Replaced product pipelines and finalised product storage facilities,
with concrete floors completed on 28 April 2026.

The programme is approximately four days behind schedule due to persistent
inclement weather affecting concrete works.

First Deliveries and Production Ramp-Up

The Company's contractor, Daemaneng, is confident of achieving first
deliveries of DMS-grade magnetite under the existing offtake contract during
May 2026. Furthermore, Daemaneng expects to reach sustained production of
2,500 tonnes per month by June 2026, followed by a gradual increase
thereafter.  The Company is targeting the plant's full capacity of 7,500
tonnes per month by the end of 2026 at the very latest, with the potential to
reach this level significantly earlier as operational efficiencies improve.

Offtake Options

In addition to the existing contract, the Company has several offtake options
at an advanced stage of negotiation, with ongoing alignment on price and
terms. However, the Company is not committing to signing new offtake
agreements until production capacity is firmly established and can be
appropriately aligned with demand and supply capability. These options will
then be activated and scaled progressively as production volumes increase.

Mineralogical Assessment of Layer 21 Magnetite: Titanium, Phosphate & Rare
Earth Potential

Ironveld has engaged Mintek, South Africa's national mineral research
organisation, to perform a mineralogical study on two boreholes from Layer 21
of the magnetite layers, which occur across the company's mining rights. Layer
21 is a magnetite-bearing horizon which outcrops on surface to the west of the
main magnetite layer in the mining right area. It contains ilmenite and
apatite that may contain rare earth elements ("REEs"). With plant
reconfiguration nearing completion and first deliveries imminent, the Company
is now in a position to look beyond near-term production and assess the
broader mineral potential of its asset. Understanding the composition and
variability of Layer 21 will inform future mine planning, potential by-product
recovery, and the possibility of selectively mining higher-value zones. The
study will specifically investigate the possible presence of a discrete
ilmenite (titanium) layer, as well as assess the occurrence of apatite-hosted
phosphates to determine whether a discrete apatite-rich layer exists.
Additionally, the study will evaluate the potential for REEs, which are often
associated with apatite mineralisation and are critical to modern technologies
such as renewable energy systems, electronics, and defence applications.

Next Steps

The Company will provide further updates as required.

Kris Andersson, CEO of Ironveld, commented:

"The Lapon Plant reconfiguration continues to progress well, with key
technical improvements either completed or currently being implemented.
Despite a minor four-day weather-related delay, we are on track to deliver
first shipments in mid-May 2026, with sustained production expected by the end
of the month. The Company remains focused on ramping up production throughout
2026, with a target of reaching the plant's full capacity of 7,500 tonnes per
month during the year.

"We are also highly encouraged by the potential of Layer 21. To better
understand the full opportunity beyond what we already know, we have engaged
Mintek to assess the asset's titanium, phosphate, and rare earth element
potential.  We look forward to reporting those results promptly upon receipt
from Mintek and will keep the market updated as further information becomes
available"

 

For further information, please contact:

 Ironveld plc                                            c/o BlytheRay

 Kristoffer Andersson, Chief Executive Officer           +44 20 7138 3204

 Cavendish Capital Markets Limited (Nomad and Broker)    +44 20 7220 0500

 Derrick Lee
 Turner Pope Investments (TPI) Ltd (Joint Broker)        +44 20 3657 0050

 Andrew Thacker / Guy McDougall
 BlytheRay                                               +44 20 7138 3204

 Megan Ray / Said Izagaren / James Mulligan

 

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